HOW TO SAVE THE REAL ESTATE COMMISSION

The real estate commission earned by a realtor on the sale of your property can amount to a lot of money. And we know that you’ll agree it’s tempting to try and save that commission by selling your property yourself.

So, if you do decide to market your own property, we invite you to consider the following steps that you must take in order to save the real estate commission.
STEP ONE:

Conduct your own mini walk-through inspection. Make notes of all items that need repair or improvement.

Your check list might include:
  • Fresh, clean paint throughout
  • Clean windows and window coverings throughout
  • Well manicured lawn and yard
  • Plumbing and all appliances in working order
  • A well-organized, clean garage
  • All sealants (window, tub, shower, sink, etc) in good condition
  • Roof and gutters in good condition; no repair needed
STEP TWO: Make all necessary repairs and improvements before you begin to advertise your property.
STEP THREE: Carefully research information regarding the prices and terms of sales in today’s real estate market. Investigate recent sale prices for property similar to yours in your immediate area.
STEP FOUR: Meet with local lenders and determine financing alternatives for your prospective buyers.
STEP FIVE: Determine which newspapers and homes magazines, etc., will best advertise your property. Call them for rates and deadlines.
STEP SIX: Establish an advertising budget.
STEP SEVEN: Prepare a professional, attention getting advertisement that will attract the right buyers to your property. Place your ad in the newspaper(s).
STEP EIGHT: Prepare a plan to reach those out-of-town buyers who account for a major portion of today’s home purchasers.
STEP NINE: Purchase an eye-catching and weatherproof yard sign; install it in the front of your property.
STEP TEN:

Purchase special “open house” signs and install them in paths that lead from main roads or thoroughfares, through the neighborhood, and to the property.

Put these signs out each time you hold an open house (and be sure to take them down after each open house.)
STEP ELEVEN: Prepare a “feature/benefit” fact sheet outlining specific features of your home and the corresponding benefits to prospective buyers.
STEP TWELVE: Schedule and conduct open house “weekdays” as well as open house weekends.
STEP THIRTEEN: Be available at all times so that you can walk through the property with prospective buyers to answer their questions and offer information about local schools, parks, transportation, shopping, churches, etc.
STEP FOURTEEN: Learn how to separate the “lookers” from qualified buyers. Ask for names and phone numbers and be sure to follow up with telephone calls.
STEP FIFTEEN: Be prepared to negotiate with the buyer(s) as though you are an impartial third party. Remain calm and refrain from any emotional outburst that might spoil the sale.
STEP SIXTEEN:

Obtain all forms necessary for the legal sale of real property such as:

  • Deposit receipt and offer to purchase
  • Buyer’s cost sheet
  • Seller’s Disclosure form (In our increasing litigious society, it is imperative that all known defects be disclosed to the buyer(s).
STEP SEVENTEEN:

Determine the type(s) of financing that you are Willing to consider such as:

  • FHA
  • VA
  • Seller Carryback First Loan
  • Conventional Loan with Seller Carryback Second Loan
  • “Wrap Around” Loan
STEP EIGHTEEN: Negotiate with the buyer(s) all final terms of the sale including price, financing, inspections, date of closing, date of possession and other pertinent considerations.
STEP NINETEEN: Plan a final walk through with the buyer(s) before the settlement process is complete in order to resolve any dispute. Have a witness present.
STEP TWENTY: While you are marketing your current property, locate and negotiate to purchase your next home. Attempt to schedule both transactions so that they close simultaneously. In this way, you and the buyer are able to move at the same time.

Many people are very comfortable in the role of “For Sale By Owner.” You may find that you are one of those people.

Whether you chose to take on the task of selling your property alone, or prefer to work with a real estate professional, we will be happy to help you get started by providing you with a complimentary HOME MARKET EVALUATION.

Please call me today to put the power of THE PRUDENTIAL to work for you.

Jeannie West
Prudential Brenwood Realty
(256) 679-9574